"While market conditions remain difficult, we continue to be focused on
enhancing our balance sheet," said Christopher Clemente, Chairman and CEO.
"We believe steps we are taking now to protect liquidity, reduce costs, and
lower our exposure to land and unit inventories will position Comstock to
benefit from improving conditions in the future."

The Company announced that it plans to hold a conference call for investors
on Friday, May 11th, 2007 at 1:00 pm EDT to review its 1Q 2007 results.
This investor call will be available via live webcast on the Comstock
Homebuilding Companies' website at http://www.comstockhomebuilding.com in
the "Investor Relations" section. To participate by telephone, the dial-in
number is 888-603-6873 and the access code is 8696237. Investors are
advised to join at least five minutes prior to the call to register.

About Comstock Homebuilding Companies, Inc.

Established in 1985, Comstock Homebuilding Companies is a diversified real
estate development firm with a focus on moderately priced for-sale
residential products. Comstock builds and markets single-family homes,
townhouses, mid-rise condominiums, high-rise condominiums, mixed-use urban
communities and active adult communities. The company currently markets its
products under the Comstock Homes brand in the Washington, D.C.; Raleigh,
North Carolina; and Atlanta, Georgia metropolitan areas. Comstock develops
mixed-use, urban communities and active-adult communities under the
Comstock Communities brand. Comstock Homebuilding Companies Inc. trades on
Nasdaq under the symbol CHCI. For more information on the Company or its
projects please visit http://www.comstockhomebuilding.com.

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made pursuant
to the Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995. Statements that are predictive in nature, that depend upon or
refer to future events or conditions, or that include words such as "may,"
"will," "expects," "projects," "anticipates," "estimates," "believes,"
"intends," "plans," "should," "seeks," and similar expressions, including
statements related to Comstock's expected future financial results and
anticipated growth in the Washington, D.C. housing market, are
forward-looking statements. Forward-looking statements involve known and
unknown risks and uncertainties that may cause actual future results to
differ materially from those projected or contemplated in the
forward-looking statements. These risks and uncertainties include, but are
not limited to, economic, market and competitive conditions affecting
Comstock and its operations and products, risks and uncertainties relating
to the market for real estate generally and in the areas where Comstock has
projects, the availability and price of land suitable for development,
materials prices, labor costs, interest rates, Comstock's ability to
service its significant debt obligations, fluctuations in operating
results, anticipated growth strategies, continuing relationships with
affiliates, environmental factors, government regulations, the impact of
adverse weather conditions or natural disasters and acts of war or
terrorism. Additional information concerning these and other important
risks and uncertainties can be found under the heading "Risk Factors" in
the prospectus from Comstock's initial public offering, as filed with the
Securities and Exchange Commission on December 15, 2004. Comstock
specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.